Fuel prices are rising sharply in the global market due to fears that transportation through the Hormuz Strait may be disrupted. Over the past week, crude oil prices have increased by nearly 11%, and other key energy sources like uranium, coal, and natural gas are also getting more expensive.
Crude Oil Prices Hit Weekly High
According to U.S.-based Trading Economics, the Iran-Israel conflict has seriously affected global energy prices. As of Tuesday (17 June) morning:
- West Texas Intermediate (WTI) crude oil is selling at $72 per barrel, up nearly 11% in one week.
- Brent crude oil has also seen a rise of over 10%, now selling at $73.62 per barrel.
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Coal Prices at Their Highest Since February
Even coal, often known as a cheaper fuel option, has seen a price increase:
- It is now being sold at $106 per metric ton — the highest since February.
Gasoline Prices Reach 2.5-Month High
Due to fears that the Iran-Israel war could escalate further, gasoline prices have also risen significantly:
- Gasoline is now being sold at $2.22 per gallon, an increase of 6.82% over the past week.
- This is the highest gasoline price in the last two and a half months.
Natural Gas and Uranium Also Becoming Costlier
- Natural gas prices have gone up by 6.75% in one week, now priced at $3.76 per MMBtu.
- Uranium, a powerful energy source, has increased by more than 8%, now selling at $76.20 per pound.
- This is the highest uranium price since December 2024.
Propane Prices Start Rising Again
Propane, a key ingredient used in producing liquefied petroleum gas (LPG), had been falling since April. But in the last week:
- Its price has risen by nearly 5%, now selling at 78 cents per gallon.
Source: Bangladesh Times
